Put that in effect at the federal level and it would instantly reduce the federal budget to 1/3 of what it is now.
Most federal spending is not revenue sharing.
24% to Social Security
25% to Medicare, Medicaid,Children’s Health (CHIP) and Obamacare
16% to defense.
10% for “Safety Net Programs” Food stamps and welfare and such
8% Veterans and Federal retirees
http://www.cbpp.org/research/federal-budget/policy-basics-where-do-our-federal-tax-dollars-go